March canola is up $4.60 per metric ton (mt), March soybean oil is down .09 cents/pound, May European rapeseed is up 1.75 euro per mt and February Malaysian palm oil is down .27%. March oats are down 1/2 cents/bushel. February crude oil is up $1.04 per barrel, February ULSD is up $.0405 per gallon, and the March Canadian dollar is down .00100 at .72345. The March U.S. Dollar Index is up .223 at 98.645 and the February Brazilian real is down .00005 at 0.18455.

Canola remains higher going into midsession, albeit off the highs of the day as soybean oil once again turned lower in the day session. Energy markets can't take the blame today with good advances seen there, nor can a lack of export interest. In fact, soybean oil was a bright spot in the U.S. weekly export sales report for the holiday week ending Jan. 1 released Thursday morning. It is normally a very slow period so light totals were no surprise but having 55 million pounds of soybean oil sold during the week was somewhat. More importantly, that takes total soybean oil export commitments to 637 million pounds in the first three months of the marketing year when USDA is currently expecting an annual total of 900 million pounds. Look for that to be revised higher in future estimates (from USDA).

Wheat and corn are higher with warm and dry weather increasing the risk of winterkill for the wheat crop when the next cold snap passes through. The soybean complex is trading quietly lower despite another 132,000 metric tons (mt) soybean flash sale to China announced prior to the day session.

In outside markets, treasuries remain lower on respectable jobless claims numbers while equities have recovered and are now trading mixed on the day. The U.S. dollar is adding to early gains and is now trading up to levels not seen since Dec. 11, surpassing its 25- and 100-day moving averages along the way. Precious metals have recovered some of their overnight losses with gold now higher on the day.

Energy markets are adding to overnight gains as traders take advantage of Wednesday's break on the headline news of the U.S. selling Venezuelan oil, realizing how difficult that will be to achieve politically and logistically.

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